fbpx
15.8 C
London
Wednesday, May 12, 2021

Bitcoin ETF Has Finally Been Approved In North America

Canada has successfully introduced a Bitcoin ETF in their financial sector, whereas most American companies have tried and failed at doing the same in the USA. The Securities and Exchange Commission has completely foiled every single plan of the cryptocurrency companies in trying to bring the ETF over the border. In a ruling from the administration, Canada provided the green light for Purpose Bitcoin ETF- which has been considered to be the first ETF that would be installed in North America. 

Bitcoin ETFs Have Stepped In Canada, With USA Lagging Behind

A Bitcoin ETF is quite similar to what a mutual fund is. It helps indirectly tracing a security selection- but the list is built along with exchanges and traded through stocks. According to the prospectus provided, this Purpose Bitcoin ETF would be trading along with the TSE or the Toronto Stock Exchange. The digital currency would be using BTCC.U as its ticker symbol. This fund is simply going to accumulate Bitcoin- which would be provided to both Americans and Canadians through their own currency. 

- Advertisement -

Although this is the first ETF on North American shores, the investment vehicles used by the two countries aren’t exactly the same. The regulators from Canada have already signed their approval on a 3iQ Bitcoin Fund a couple of years back, which was followed through with the Ether Fund. This fund has, since then, allowed several investors to keep purchasing multiple shares in either Ether or Bitcoin. 

2021 also saw a Bitcoin Trust worth $180 million lands on the TSE. Although trusts are quite different from Bitcoin ETFs, they do provide equal exposure to any asset. Also, they tend to be much more private with less liquidity.

- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news